Friday, July 29, 2011

Boca Teeca Golf Course Foreclosure Update

The owner of the property, MCZ Centrum and the loan guarantors have retained new legal counsel in the foreclosure case by Wells Fargo bank (formerly Wachovia bank). The receiver continues to operate the property under the management of their affiliated company, Arnold Palmer Golf Course Management Co.

The golf course (d/b/a Ocean Breeze Country Club) is open daily to the public and remains the only championship level golf course within the city that is open to the public. The condition of the golf course has improved steadily since the receiver took control in February 2011 and the number of golf patrons appears to be at the highest level in many years as a result of the improved conditions and the promotional rates. Area golfers should call the golf course to make a tee time and to learn about the current promotional rates: 561-994-0400

The environmental consulting firm retained by the receiver has conducted testing on the portion of the golf course that was determined to be incompatible for residential or industrial use according to the EPA & FL DEP report issued in August 2010. The FL DEP is awaiting the analysis by the private environmental consulting firm in order to determine the size of the impacted area and the possible solution to cleaning-up this problem. It should be noted that there are several area golf courses that have had similar environmental problems that have been monitored for several years, but these other golf courses retained their use and was not proposed for other development uses. Adjacent property owners are obviously concerned that the hazardous chemicals may have migrated to their property or ground water and are of course watching this issue closely.